BERWYN, Pa., Aug. 4, 2015 /PRNewswire/ -- AMETEK, Inc. (NYSE:
AME) today announced its financial results for the three month
period ended June 30, 2015.
AMETEK's second quarter 2015 sales of $1.0 billion were up 1% over last year's second
quarter. Operating income increased 4% to a record
$240.3 million and operating margins
were up 50 basis points to 23.9%. Diluted earnings per share
increased 5% to a record $0.64 per
diluted share from the second quarter 2014.
"AMETEK had another strong quarter. We delivered record
levels of operating income and earnings per share as a result of
the continued strong execution of our Four Growth Strategies.
Despite continued softness in the global economy, our businesses
performed well, allowing us to meet the high end of our second
quarter earnings expectations and to reaffirm our full year
earnings guidance," noted Frank S.
Hermance, AMETEK Chairman and Chief Executive Officer.
"Cash flow was also very strong, with operating cash flow of
$163 million for the quarter, a 5%
increase over the same period of 2014. We continue to use our
cash flow to support our acquisition strategy, having closed on two
recent acquisitions," continued Mr. Hermance.
Electronic Instruments Group (EIG)
In the second quarter of 2015, EIG sales increased 4% to
$596.5 million. Operating
income increased 8% to $164.0 million
and operating margins were up 110 basis points to 27.5%.
"EIG had a very good quarter with excellent operating
performance. Sales were up due to strength in our Aerospace
business, combined with the contributions from the acquisitions of
Zygo and Amptek in our Process business. Operating
performance was superb, with operating margins up 110 basis points
in the quarter," said Mr. Hermance.
Electromechanical Group (EMG)
For the second quarter of 2015, EMG sales decreased 2% to
$407.3 million. Operating
income was down 3% to $89.3 million
and operating margins were 21.9% for the quarter.
"EMG also had a good second quarter in this difficult global
market environment. The lower sales were driven largely by
currency headwinds, partially offset by sales from the acquisition
of Global Tubes. Operating margins were very strong
benefitting from our focus on Operational Excellence initiatives,"
adds Mr. Hermance.
2015 Outlook
"AMETEK performed well in the second quarter due to our strong
portfolio of businesses, proven operational capabilities, and a
successful focus on strategic acquisitions. While we remain
cautious around the pace of global economic activity, we are
confident in our ability to successfully execute on our growth
strategies and to deliver strong earnings growth," notes
Mr. Hermance.
"We anticipate 2015 sales to be up low single digits with
organic sales roughly flat versus 2014. We continue to expect
earnings for 2015, excluding first quarter realignment costs, to be
in the range of $2.58 to $2.63 per
diluted share, up 7% to 9% over 2014 adjusted earnings per share,"
adds Mr. Hermance.
"Third quarter 2015 sales are expected to be approximately flat
compared to last year's third quarter. We estimate our
earnings in the third quarter to be approximately $0.64 to $0.65 per diluted share, an increase of
3% to 5% over last year's adjusted earnings per share," concludes
Mr. Hermance.
Conference Call
AMETEK will webcast its Second Quarter 2015 investor conference
call on Tuesday, August 4, 2015,
beginning at 8:30 AM ET. The live
audio webcast will be available at the Investors section of
www.ametek.com and at www.streetevents.com. The call will
also be archived at the Investors section of www.ametek.com.
Corporate Profile
AMETEK is a leading global manufacturer of electronic
instruments and electro-mechanical devices with annual sales
of $4.0 billion. AMETEK's Corporate Growth Plan is based
on Four Key Strategies: Operational Excellence, Strategic
Acquisitions, Global & Market Expansion and New Products.
AMETEK's objective is double-digit percentage growth in earnings
per share over the business cycle and a superior return on total
capital. The common stock of AMETEK is a component of
the S&P 500 Index.
Forward-looking Information
Statements in this news release relating to future events, such
as AMETEK's expected business and financial performance are
"forward-looking statements." Forward-looking statements are
subject to various factors and uncertainties that may cause actual
results to differ significantly from expectations. These
factors and uncertainties include our ability to consummate and
successfully integrate future acquisitions; risks associated with
international sales and operations; our ability to successfully
develop new products, open new facilities or transfer product
lines; the price and availability of raw materials; compliance with
government regulations, including environmental regulations;
changes in the competitive environment or the effects of
competition in our markets; the ability to maintain adequate
liquidity and financing sources; and general economic conditions
affecting the industries we serve. A detailed discussion of
these and other factors that may affect our future results is
contained in AMETEK's filings with the U.S. Securities and Exchange
Commission, including its most recent reports on Form 10-K, 10-Q
and 8-K. AMETEK disclaims any intention or obligation to
update or revise any forward-looking statements.
(Financial Information Follows)
AMETEK,
Inc.
|
Consolidated
Statement of Income
|
(In thousands,
except per share amounts)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net
sales
|
$1,003,726
|
|
$ 990,718
|
|
$1,987,785
|
|
$1,966,010
|
Operating
expenses:
|
|
|
|
|
|
|
|
Cost of sales, excluding
depreciation
|
633,925
|
|
630,645
|
|
1,269,890
|
|
1,255,815
|
Selling, general and
administrative
|
112,702
|
|
113,316
|
|
223,586
|
|
225,941
|
Depreciation
|
16,780
|
|
15,029
|
|
33,038
|
|
30,895
|
Total operating expenses
|
763,407
|
|
758,990
|
|
1,526,514
|
|
1,512,651
|
|
|
|
|
|
|
|
|
Operating
income
|
240,319
|
|
231,728
|
|
461,271
|
|
453,359
|
Other
expenses:
|
|
|
|
|
|
|
|
Interest expense
|
(22,678)
|
|
(18,981)
|
|
(45,364)
|
|
(37,819)
|
Other, net
|
(2,493)
|
|
(4,326)
|
|
(3,973)
|
|
(8,203)
|
Income before income
taxes
|
215,148
|
|
208,421
|
|
411,934
|
|
407,337
|
Provision for income
taxes
|
59,635
|
|
58,358
|
|
114,314
|
|
116,688
|
|
|
|
|
|
|
|
|
Net
income
|
$ 155,513
|
|
$ 150,063
|
|
$ 297,620
|
|
$ 290,649
|
|
|
|
|
|
|
|
|
Diluted earnings
per share
|
$
0.64
|
|
$ 0.61
|
|
$
1.22
|
|
$ 1.18
|
Basic earnings per
share
|
$
0.64
|
|
$ 0.61
|
|
$
1.23
|
|
$ 1.19
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
Diluted shares
|
243,621
|
|
247,403
|
|
243,209
|
|
247,316
|
Basic shares
|
241,498
|
|
245,201
|
|
241,222
|
|
245,056
|
|
|
|
|
|
|
|
|
Dividends per
share
|
$
0.09
|
|
$ 0.09
|
|
$
0.18
|
|
$ 0.15
|
AMETEK,
Inc.
|
Information by
Business Segment
|
(In
thousands)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net
sales:
|
|
|
|
|
|
|
|
Electronic
Instruments
|
$ 596,464
|
|
$ 573,289
|
|
$1,190,262
|
|
$1,145,683
|
Electromechanical
|
407,262
|
|
417,429
|
|
797,523
|
|
820,327
|
Consolidated net sales
|
$1,003,726
|
|
$ 990,718
|
|
$1,987,785
|
|
$1,966,010
|
|
|
|
|
|
|
|
|
Income:
|
|
|
|
|
|
|
|
Segment operating
income:
|
|
|
|
|
|
|
|
Electronic
Instruments
|
$ 163,993
|
|
$ 151,499
|
|
$ 315,210
|
|
$ 301,818
|
Electromechanical
|
89,294
|
|
92,133
|
|
171,258
|
|
176,013
|
Total segment operating income
|
253,287
|
|
243,632
|
|
486,468
|
|
477,831
|
Corporate administrative and
other expenses
|
(12,968)
|
|
(11,904)
|
|
(25,197)
|
|
(24,472)
|
Consolidated operating income
|
$ 240,319
|
|
$ 231,728
|
|
$ 461,271
|
|
$ 453,359
|
AMETEK,
Inc.
|
Condensed
Consolidated Balance Sheet
|
(In
thousands)
|
|
|
June
30,
|
|
December
31,
|
|
2015
|
|
2014
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$ 326,588
|
|
$ 377,615
|
Receivables, net
|
619,080
|
|
585,462
|
Inventories, net
|
541,919
|
|
495,896
|
Other current
assets
|
111,755
|
|
119,631
|
Total current assets
|
1,599,342
|
|
1,578,604
|
|
|
|
|
Property, plant and
equipment, net
|
484,932
|
|
448,446
|
Goodwill
|
2,668,625
|
|
2,614,030
|
Other intangibles,
investments and other assets
|
1,804,912
|
|
1,779,883
|
Total assets
|
$ 6,557,811
|
|
$ 6,420,963
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term borrowings and
current portion of long-term debt
|
$ 183,903
|
|
$ 286,201
|
Accounts payable and
accruals
|
646,228
|
|
649,943
|
Total current liabilities
|
830,131
|
|
936,144
|
|
|
|
|
Long-term
debt
|
1,481,906
|
|
1,427,825
|
Deferred income taxes
and other long-term liabilities
|
792,440
|
|
817,433
|
Stockholders'
equity
|
3,453,334
|
|
3,239,561
|
Total liabilities and stockholders' equity
|
$ 6,557,811
|
|
$ 6,420,963
|
|
|
|
|
Contact: Kevin Coleman +1
610-889-5250
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ametek-announces-second-quarter-2015-results-300122783.html
SOURCE AMETEK, Inc.